Analysis of convertibles issuance for March

Total: $6.134 billion in 17 deals priced in March

Amount ($ mlns) Number

Regular convertibles 6,078.78 13

Investment bank synthetics 55.35 4

Total 6,134.13 17

Note: Investment bank deals are offerings issued by an investment bank and linked to or exchangeable for the stock of another company.

All data below excludes these investment bank deals (but includes investment bank offerings convertible into their own stock).

Columns are amount in millions of dollars, count of deals, percentage of total in dollars.

Coupon

Floater	500.00	2	8.23%
0.01%-0.99%	3,327.50	3	54.74%
1%-1.99%	874.18	3	14.38%
2%-2.99%	100.00	1	1.65%
3%-3.99%	227.10	1	3.74%
4%-4.99%	925.00	2	15.22%
5%-5.99%	125.00	1	2.06%
Total	6,078.78	13
Initial Conversion Premium
25%-29.99%	125.00	1	2.06%
30%-34.99%	702.10	3	11.55%
35%-39.99%	1,650.00	2	27.14%
40%-44.99%	974.18	4	16.03%
50%-54.99%	1,477.50	1	24.31%
55%-59.99%	800.00	1	13.16%
100%-104.99%	350.00	1	5.76%
Total	6,078.78	13
Greenshoe exercised?
Yes	1,526.28	5	25.11%
No	4,552.50	8	74.89%
Total	6,078.78	13
Upsized?
Yes	3,676.28	8	60.48%
No	2,402.50	5	39.52%
Total	6,078.78	13
Rank
Senior	5,276.68	9	86.80%
Subordinated	802.10	4	13.20%
Total	6,078.78	13
Putable?
Yes	5,276.68	9	86.80%
No	802.10	4	13.20%
Total	6,078.78	13
Contingent Conversion?
Yes	2,976.28	10	48.96%
No	3,102.50	3	51.04%
Total	6,078.78	13
Mandatory?
No	6,078.78	13	100.00%
Total	6,078.78	13
Versus talk
Yield low end, premium high end	1,300.00	2	21.39%
Yield towards low end, premium middle	249.18	1	4.10%
Yield middle, premium higher	125.00	1	2.06%
Yield middle, premium towards high end	125.00	1	2.06%
Yield middle, premium low end	1,500.00	1	24.68%
Yield towards high end, premium towards low end	150.00	1	2.47%
Yield towards high end, premium low end	350.00	1	5.76%
Yield high end, premium high end	227.10	1	3.74%
Yield high end, premium low end	350.00	1	5.76%
Yield high end, premium lower	100.00	1	1.65%
Yield higher, premium low end	1,477.50	1	24.31%
NA	125.00	1	2.06%
Grand Total	6,078.78	13
Use of proceeds
Buy back stock, GCP	350.00	1	5.76%
GCP	1,852.50	4	30.47%
Redeem converts, GCP	1,500.00	1	24.68%
Repay bank debt	350.00	1	5.76%
Repay debt and other uses	625.00	2	10.28%
Redeem convertibles	1,276.28	3	21.00%
Other	125.00	1	2.06%
Total	6,078.78	13
Industry sector (by SIC code)
Mining (1xxx)	476.28	2	7.84%
Manufacturing (2xxx, 3xxx)	2,575.00	5	42.36%
Transportation (4xxx)	150.00	1	2.47%
Communications (48xx)	1,477.50	1	24.31%
Wholesale trade (5xxx)	110.00	1	4.40%
Finance, insurance, real estate (6xxx)	250.00	2	4.11%
Services (7xxx)	1,150.00	2	18.92%
Total	6,078.78	13

Criteria

* The tables include all dollar-denominated offerings sold in the U.S. as public or Rule 144A deals reported to Prospect News.

* Offerings are included in the time period in which they price.

* Amounts are based on the total sales price (face amount multiplied by the offering price.

* Each tranche is counted as a separate deal.

* Bonds are included that convert into the issuer's or another company's stock or the cash equivalent; bonds that convert into other bonds are excluded.

* Units made up of a bond and stock are included; units made up of a bond and warrants are excluded.

* Preferred issues are included using the same criteria as for bonds.

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